Multifamily

Sembler, Hawthorne Residential to Develop 46-Acre Mixed-Use Project in Myrtle Beach

by Julia Sanders March 17, 2021

MYRTLE BEACH, S.C. – The Sembler Co., a St. Petersburg, Fla.-based commercial real estate developer, plans to develop The Mill, a 46-acre mixed-use project in Myrtle Beach’s Carolina Forest community. The new development is slated to include retail, office space and multifamily. Sembler is partnering with Hawthorne Residential Partners on the apartment residences. Sembler and Hawthorne expect to begin construction this summer. The Mill is situated at the intersection of River Oaks Drive and Carolina Forest Boulevard, adjacent to The Parks of Carolina Forest, a roughly 800-unit housing development by D.R. Horton Inc. The Mill will include Marketplace at The Mill, a 66,680-square-foot neighborhood shopping center that features a freestanding, 46,800-square-foot Publix, as well as a six-acre parcel ideal for a medical or traditional office, hotel, mini-storage or other commercial use. The shopping center is expected to be complete by summer 2022. The Mill will also include Hawthorne at The Mill, a 290-unit multifamily residential community. The property will offer one-, two- and three-bedroom units throughout two four-story buildings with elevator access and nine, two-story carriage-style buildings over private garages. The apartment community will also feature over 8,000 square feet of amenity space, including a luxury clubhouse with resident lounge, …

March 17, 2021

Loans Lument Multifamily Texas

Lument Provides Freddie Mac Loan for Refinancing of San Antonio Multifamily Community

by Taylor Williams March 17, 2021

SAN ANTONIO — Lument, a subsidiary of ORIX Capital USA, has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Horizon Hill, a 273-unit multifamily asset in San Antonio that was built in 1982. John Sloot of Lument originated the debt, which was structured with a 10-year term, four years of interest-only payments and a 30-year amortization schedule. The sponsor, REEP Equity, purchased the property in 2018 and has since implemented a value-add program.

March 17, 2021

Acquisitions Kentucky Multifamily Southeast

DLP Real Estate Capital Acquires 560-Unit Multifamily Portfolio in Kentucky

by Julia Sanders March 17, 2021

OWENSBORO AND PADUCAH, KY. — DLP Real Estate Capital has acquired the Chandler Park multifamily property portfolio, which consists of two Kentucky communities in Owensboro and Paducah. The 560-unit portfolio includes one-, two- and three-bedroom units and marks DLP’s first expansion in Kentucky. The seller, Chandler Apartment Homes, sold Owensboro for $35.4 million and Paducah for $25.7 million. Built in 2014, the 320-unit Chandler Park, Owensboro is located at 3750 Ralph Ave. The property sits on over 17 acres with 17 residential buildings and includes a swimming pool, fitness center and green space with grills. The apartments have open floor plans, patios and balconies, stainless steel appliances, granite countertops and are pet-friendly. Built in 2016, the 240-unit Chandler Park, Paducah is located at 2651 Perkins Creek Drive. The property sits on almost 12 acres with seven apartment buildings and includes a swimming pool, fitness center, clubhouse and dog park. The apartments have open floor plans, stainless steel appliances with granite countertops, private patios and balconies and are pet-friendly. Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. brokered the portfolio sale. Kirkland Co., based in Nashville, is a brokerage firm that specializes in the sale of apartment communities …

March 17, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Thrive to Open 203-Unit Seniors Housing Community in Montvale, New Jersey

by Taylor Williams March 17, 2021

MONTVALE, N.J. — Thrive Senior Living will open the welcome center on March 27 at Thrive at Montvale, a seniors housing community in the Northern New Jersey city of Montvale. The three-story building is located near Lake Tappan along the New York State border just north of Manhattan and will feature 203 units of independent living, assisted living and memory care.

March 17, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $7.1M Sale of Apartment Asset in Suburban Chicago

by Kristin Harlow March 17, 2021

DOWNERS GROVE, ILL. — Kiser Group has brokered the sale of East Village Apartments in Downers Grove for $7.1 million. Floor plans include 18 two-bedroom units and two one-bedroom units. Built in 2018, the three-story property includes 20 units. Ron Plonis of Kiser represented both the seller, Forth Group Real Estate, and the buyer, HP Ventures Group-Development Services LLC.

March 17, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $4.7M Loan for Refinancing of Manhattan Multifamily Building

by Taylor Williams March 17, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $4.7 million loan for the refinancing of a 42-unit multifamily building located at 500 W. 111th St. in Manhattan’s Morningside Heights neighborhood. Matt Swerdlow and Matt Dzbanek of Ariel Property Advisors placed the debt, which was structured with a fixed interest rate of 10 percent for three years and a 40-year amortization schedule, through an undisclosed New Jersey bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

March 17, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $2.5M Sale of Brooklyn Apartment Complex

by Taylor Williams March 17, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $2.5 million sale of a 12-unit apartment complex in Brooklyn. The property comprises two contiguous buildings that feature a mix of studio, one-, two- and three-bedroom units. John Brennan and Samuel Finkler of Marcus & Millichap represented the seller and buyer in the transaction. Both parties were private investors that requested anonymity.

March 17, 2021

Loans Multifamily Washington Western

Taylor Street Arranges $3.5M Refinancing for Multifamily Property in Downtown Seattle

by Amy Works March 17, 2021

SEATTLE — Taylor Street Capital Partners has arranged $3.5 million in cash-out refinancing for an apartment community located in downtown Seattle. Taylor Street secured a non-recourse, 10-year, fixed-rate note with all reserve requirements waived for the out-of-state borrowers. The borrowers own the 23-unit asset and were looking to replace a previous note with a long-term, low-interest-rate solution to maximize cash flow and provide funding for additional capital improvements at the property.

March 17, 2021

Acquisitions Florida Multifamily Southeast

Axiom Realty Sells The Studios at Uptown Apartments in Central Florida for $10.9M

by Julia Sanders March 16, 2021

ALTAMONTE SPRINGS, FLA. — Axiom Realty Partners LLC has sold The Studios at Uptown, a 108-unit, all-studio apartment community located in Altamonte Springs, for $10.9 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged acquisition financing through Ameris Bank on behalf of the buyer, Ty and Tovah Lohman of Ormond Beach, Fla. Located at 245 Loraine Drive, The Studios at Uptown was 97 percent occupied at the time of sale. Community amenities include a swimming pool with a sundeck, tennis courts and onsite laundry facilities on each floor. The property is 26 miles from Walt Disney World Resort and 48 miles from Daytona Beach.

March 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 230-Unit Affordable Housing Community in Brandon, Florida

by Julia Sanders March 16, 2021

BRANDON, FLA. — Summit Contracting Group, a multifamily general contractor, has broken ground on Landon Preserve, an affordable housing community located on Pauls Drive in Brandon, a Tampa suburb east of Interstate 75. Landon Preserve will be a pet-friendly community featuring one-, two- and three-bedroom apartment homes. The construction will include 230 units in seven three-story buildings, and a total square footage of 255,960. Community amenities will include a clubhouse with fitness center, swimming pool, mail kiosk, maintenance building and a dog park. Construction is planned to be complete in summer 2022. The developer is Vestcor and the architect is Group 4 Design Inc.

March 16, 2021

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